South Korea's FX deposits mark biggest-ever jump in October

Reuters Staff

1 Min Read

SEOUL (Reuters) - Foreign currency deposits in South Korean banks at end-October rose briskly from September, posting the biggest-ever monthly jump as exporters lifted their dollar holdings, the Bank of Korea said on Thursday.

Total foreign exchange deposits increased by $9.62 billion to $73.28 billion as of end-October from $63.66 billion in September, the BOK said in a statement.

Deposits denominated in U.S. dollars rose $7.82 billion to $62.47 billion for the month, which accounted for 85.2 percent of the total foreign exchange deposits.

South Korea’s exports boom continued in October, marking 12 consecutive months of growth, thanks to soaring sales of memory chips, the trade ministry said earlier this month.